Index and term version of RUONIA

For financial products with floating interest rates (e.g. loans,
bonds), the Bank of Russia proposes to use the term version of RUONIA as an indicator
rUONIA.

Two products have been developed:

  • term version of RUONIA for one, three and six months
  • Accumulated RUONIA index, on the basis of which each market participant can calculate the RUONIA value for the market
    on the basis of which each market participant can calculate interest rates of any (non-standard) maturity
    urgency.
Date 28.12.2023 29.12.2023
Index 2.818131 2,819310
Retail version of RUONIA for 1 month 15,20 15,20
Terminal version of RUONIA for 3 months 14,43 14.46
Serial version of RUONIA for 6 months 12,40 12,45

Dynamics of the index and term version of RUONIA

The index and term version of RUONIA are calculated for each day on the basis of the RUONIA interest rate (on compound interest formula – on working days for which RUONIA was calculated, on simple interest formula – on weekends and days for which RUONIA was not calculated) and are published on the Bank of Russia’s website on days of RUONIA calculation after RUONIA publication.

RUONIA interest rate methodology and
Methodology
of formation and publication of RUONIA index and term version of RUONIA
are officially approved by the Bank of Russia

The urgent version of RUONIA has an economic justification – the final return
is measured by results of daily reinvestment on overnight period.
The issuer (borrower) pays the actual cost of money that has developed
the issuer (borrower) shall pay the actual value of money that has developed in the market during the past interest period

The use of the term version of RUONIA allows to smooth the yields
and avoid money (currency) market shocks, as well as one-time changes in the key rate of the Bank of Russia
of the key rate of the Bank of Russia. Thus, the term version of RUONIA saves the issuers and the
issuers and borrowers from the effects of short-term interest rate volatility.
At the same time it acts as a nominal anchor – managing the liquidity of the banking sector, the regulator stabilizes the liquidity of the banking sector on a daily basis
managing the banking sector liquidity, the regulator daily stabilizes the RUONIA value within the interest rate corridor
interest rate corridor, which ensures predictability of its dynamics.
Accordingly, the use of RUONIA in active and passive operations makes it possible to minimize the basis risk
minimize the basis risk, since interest payments on claims
and liabilities are closely correlated with each other

In 2020, the Bank of Russia conducted an international audit confirming the
rUONIA complies with the requirements of the International Organization of Securities Commissions
securities.

In the Bank of Russia, compliance with the international requirements is monitored by the following bodies
Committee for Supervision
rUONIA. RUONIA is characterized by low operational risk

RUONIA index and term version user manual.